CLEVELAND, July 22, 2021 (GLOBE NEWSWIRE) -- Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced it has completed the acquisition of Two Conway in Conway Park, located in Lake Forest, IL. Pembroke IV is the Co-General Partner on the transaction. TCM acquired One Conway in November 2016 with Pembroke IV. Financial terms of the transaction were not disclosed.
One Conway and Two Conway (“the Properties”) create an institutional-quality asset that offers tenants high levels of amenities and finishes. Amenities include a full-service cafeteria, Wi-Fi lounge, conference facility, fitness center, and below-grade executive parking garage. As one of the few Class A offerings in the market, each Property offers over 50,000 sf of available contiguous space to accommodate both small and larger users, allowing for greater flexibility in space planning for prospective tenants.
Although the North market comprises just 11% of total office space by rentable square foot within the Chicago MSA, it accounts for 37% of corporate headquarters, which is indicative of the desirability of this submarket. The Properties’ location allows for exceptional access to two of Chicago’s major Interstates, I-94 (the Edens Expressway) and I-294 (the Tri-State Tollway). This location is at the heart of the prestigious North Shore and is thus in close proximity to many of suburban Chicago’s most affluent and desirable communities. Despite the pandemic, there continues to be a growing interest from prospective tenants in the Properties.
Paul DiSandro, a TCM partner and Portfolio Manager, said, “Lake Forest is amongst the most affluent and highly educated cities in the Chicago Metro. The Properties have both established their position in the market, demonstrated by a historical occupancy of over 90%, even when the broader market has been weak. Our business plan includes improving accessibility to both buildings with an outdoor amenity area and perhaps a covered walkway. Combining One Conway and Two Conway will create a premier property in the North suburbs at an attractive price.”
Ben Adams, TCM’s CEO, mentioned that Ten Capital’s focus on affluent suburban markets convenient to decision-makers’ homes have seen broad uptick in tenant interest of late. Bringing both of these assets together really does create a more institutional product offering, and will provide some operational efficiency to tenants as well. “One/Two Conway have historically been well leased due to the high quality of the real estate and the prestigious location in the Conway Park/Lake Forest. The Properties are very well-suited to accommodate small transactions as well as attracting larger tenants.”
About TCM
TCM is a privately held real estate firm investing across a broad spectrum of strategies and seeks to deliver consistent, superior risk-adjusted returns to its global investor base, while remaining proactive and adapting quickly to changing market fundamentals and opportunities. TCM makes equity investments between $10 and $35 million, targeting transactions which fall “below the radar” of larger institutional investors. For more information, please go to www.tencapmanagement.com.
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